Bugcrowd Raises $1.6 Million

Posted Sep 5, 2013

Bugcrowd is a crowd-sourced bug bounty startup that has raised $1.6 million in funding.  Investors in this round include ICON Venture Partners, Paladin Capital Group, Square Peg Capital, along with several angel investors.

The startup has around 3,000 vetted security penetration testers.  These testers can find vulnerabilities and weaknesses in new features or applications.

Bugcrowd is pushing for the same models that Facebook and Google commercialized.  Casey Ellis, Sergei Belakomen, and Chris Raethke founded Bugcrowd.  The three of them graduated from Sydney-based Startmate accelerator program in 2011.  Some of their customers include Australian retail company Coles Myer, Rabobank, and e-commerce platform Big Commerce.

[Source: TechCrunch]